24.1 C

Nigeria’s Crude Oil Reserve Rises To 37b Barrels – NUPRC

Must read

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s oil and condensate reserves status as of January 1, 2022, is 37.046 billion barrels.

This represents a slight increase of 0.37 per cent compared to 36.910 billion barrels as of January 1, 2021.

Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC, said this on Friday in Abuja at a stakeholders’ engagement with print and electronic media.

Similarly, Komolafe said the National Gas Reserves status as of January 1, 2022, was 208.62 trillion cubic feet (TCF), representing an increase of 1.01 per cent .

He said this analysis arose from 61 operating companies which submitted their 2021 National Annual Report on Reserves in line with the provisions of the Petroleum Industry Act (PIA), 2021.

The National oil and gas reserves position as of January 1, 2022, in line with the provisions of PIA 2021 stipulates that operating exploration and production companies should submit their annual report of reserves to NUPRC.

The CCE however highlighted some proactive initiatives undertaken by the commission since his assumption of the office six months ago towards the enhancement of crude oil and gas production.

He said it took advantage of current market realities such as the upsurge of crude oil prices to 106.25 dollars per barrel and disruptions in the supply of gas due to the war in Ukraine.

Speaking on the initiative to enhance crude oil production, he said the commission recognised the formulation of all-inclusive strategies to increase crude oil and gas reserves (from 37 billion barrels and 208.62 TCF).

This, he said required thorough consideration of all factors militating against efficient and effective exploration and production operations, and identification of low hanging fruits or opportunities.

The CCE disclosed that it initiated a massive campaign toward the identification of oil and gas wells producing below capacity, through inventorisation of shut-in wells and inventory to map the reasons for the shut-in and devise measures for quick reopening.

He noted another campaign initiative as using well and reservoir surveillance activities in identifying poorly performing wells and workover candidates for quick intervention.

He included embracing and adopting new technologies and advanced recovery techniques for unlocking some identified stranded oil and gas resources.

On initiatives to enhance gas production, he said the Russia and Ukraine conflict and the attendant disruptions to the global gas demand-supply chain provided Nigeria with a unique opportunity to fill the gap.

This, he said, would be achieved through the implementation of several natural gas developmental initiatives.

“As the Federal Government has declared the years 2021 – 2030 to be the Decade of Gas, the commission is taking steps to expand the Nation’s huge gas resources through enhanced gas exploration, development and utilisation schemes.

“These will lead to gas reserves growth, increased gas production, maturation of the domestic and export gas market, as well as gas flare elimination,” he said. (NAN)

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article